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dte rate increase 2020

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In DTE’s next rate case, MPSC will require the utility to create a community transition plan that incorporates community voices. “While I certainly appreciate the need to continue to improve natural gas infrastructure in the state to ensure our supply is safe and reliable, that must be balanced against the ever-present affordability concerns that confront many Michigan households and businesses," Nessel said in a March press release. This is a 7% increase … Addition news feed providers included online media suppliers, local and regional publications, industry journals, companies, governments, universities, PR companies, official organizations, associations, shopping guides and weblogs. “Months after it received a rate increase from MPSC, DTE shows it is completely unconcerned about the savings accounts of its consumers," she said in a recent news release. Bandyk also criticized the continuing trend of residential customers receiving greater percentage increases than industries or large businesses. Residential customers using 100 cubic feet of gas a month will see a $2.97, or 3.9%, increase on their monthly bill starting Oct. 1. "This just exacerbates their already-lopsided rates," she said. Disclaimer | (RTTNews) - DTE Energy (DTE) increased its 2020 operating earnings per share guidance range to $6.90 - $7.10 from $6.47 - $6.75. "After these laws passed, customers must be served at their true cost of service. The Michigan Public Service Commission approved a 4.7% rate increase for DTE customers last week —  less than the 9% increase DTE had requested in their June 2019 filing. “It’s absurd that they would go through with a rate increase during a pandemic,” Bridget Vial, an organizer at the Michigan Environmental Justice Coalition, told Planet Detroit. The new annualized dividend per share is $4.34, up from $4.05. That donation won't come from rate-payers, but DTE Energy shareholders, according to the state commission. This is a 7% increase from the previous quarterly dividend of $1.0125 per share. For 2021, DTE Energy projects operating EPS in a range of $6.88 - $7.26 which is 7% higher than 2020 original operating EPS guidance. Featured content providers include Reuters, Metacafe, News Corporation, About, BBC and The Sun. Site Design and Operation by Murray Owen LLC | A Web Development and Operations Company, Triple Crown produces 3 different winners, likely no closure, Trump's Doctor's Comments On Symptoms, Care Spark Confusion, NRG Energy, Inc. Reports First Quarter 2020 Results – Business Wire, New Jersey's energy efficiency approach could reduce incentive to invest, stakeholders warn – Utility Dive, Black candidates tap protest energy to challenge Democrats – The Associated Press, Daily on Energy, presented by National Clean Energy Week: Biden struggling to explain fracking stance – Washington Examiner. "That spending must be kept accountable through performance-based metrics that DTE should be required to meet.". “Inefficiency wastes large amounts of money and people aren’t taking that seriously.”. ABATE is a coalition of businesses that are among the largest electricity and natural gas users in the state, including General Motors, Fiat Chrysler Automobiles, AK Steel and Dow Chemical. On average, 15 analysts expected the company to report profit per share of $1.94 for the quarter. “It signals that a big change might be coming in the relationship between regulators and investor-owned utilities,” she writes. The commission unanimously approved a $110 million increase instead in late August. Analysts polled by Thomson Reuters expect the company to report profit per share of $6.67. The (Citizens Utility Board) report itself states 'excluding major event days, Michigan is actually slightly above average. author: Jena Brooker. More accountability should be required of the utility, said Amy Bandyk, executive director of the Citizens Utility Board. "We need to continue to harden the system so that it's more resilient for our customers," said Trevor Lauer, president and chief operating officer of DTE Electric. DTE seeks $351 million in new rate hikes as early as May 2020, projecting an increase of up to $9.84 per month in a typical residential customer's bill. DTE Gas initially sought a $203.8 million rate hike through the state commission in late 2019, which was opposed by consumer advocates and Michigan Attorney General Dana Nessel. “DTE no matter what the circumstances, pandemic or not, is still making shareholders a priority,” said Shimekia Nichols, communications coordinator at Soulardarity. That would have meant an increase for residential customers of more than 8%, which Nessel argued was excessive and unreasonable. "The study is taking data from 2017, a year when hurricane-force winds caused the most damaging wind storm in a century and the worst in our company’s history," DTE spokeswoman Randi Berris said. Vial says that the MPSC “seems to walk a line in between what the Administrative Law judge recommends and what DTE files as a request”, calling the ruling a “perfect average” of the two. Stock quotes by finanzen.net. DTE argued it needed the natural gas price hike in part to pay for infrastructure improvements and to account for decreasing customer use, according to the Michigan Public Service Commission, which approved the increase. However, with this new rate increase, customers will still be paying more for their electricity this summer. Posted by Editor - Business News | Oct 4, 2020 | Energy | 0 |. Consumers Energy, the state's second-largest electric utility, was second at 462 minutes. The judge determined that DTE had asked for $1 billion more than necessary to maintain safe and reliable electricity, according to a joint press release by community advocates. The Michigan Public Service Commission approved a 4.7% rate increase for DTE customers last week — less than the 9% increase DTE had requested in their June 2019 filing. © 2020 www.freep.com. Rate Case Deferred: DTEE received approval in July 2020 to delay a new rate case filing to 2021, and keep electric base rates unchanged until 2022. author: Jena Brooker. Nearby in Ann Arbor, Missy Stults, the city’s Sustainability and Innovations Manager, told Planet Detroit, “We’re acutely aware of the disproportionate energy burden that our low-income and minority populations are bearing.” She said the DTE rate increase is exacerbating that effect. DTE Energy Company (NYSE:DTE) Q3 2020 Earnings Conference Call October 27, 2020 9:00 AM ET. Soulardarity Executive Director Jackson Koeppel calls the decision an “okay start,” adding that he’s seen some of DTE’s previous attempts to work with community partners left some community members feeling “strung along.”. Follow on Twitter @keithmatheny. Rate increases for DTE Gas customers that took effect last week are expected to generate $110 million for the utility. May 16, 2020 3 min read. Bzdok noted that DTE's rate hike plan also includes a requested increase in their return on equity, their authorized profit margin allowed by regulators, from the 10% approved in May to 10.5%. DTE argued it needed the natural gas price hike in part to pay for infrastructure improvements and to account for decreasing customer use, according to a press release from the Michigan Public Service Commission from August when the body approved the increase. Lauer said the utility is following state laws to "reset rates in terms of residential and industrial customers. It's happening as the utility has come under fire for the frequency, and duration, of blackouts on its system, including power outages to 600,000 customers following strong thunderstorms passing through southern Michigan on July 20, which left some without power for up to five days. That's a total increase of $3.60, or 4.7%, according to the MPSC. In addition to reducing DTE’s requested rate increase, the MPSC reduced DTE’s requested increase on equity returns, rejected its request to convert the River Rouge plant from coal to natural gas, and rejected a fund request for information technology projects, according to the MPSC press release. Some advocates don’t agree. DTE's average minutes to restore a power outage was also worst in the state in 2017, at 765 minutes. "This is DTE's business, and they are good at it," said Traverse City-based environmental attorney Christopher Bzdok, who represents three nonprofit environmental groups intervening in DTE's latest rate-hike proposal. When a separate “infrastructure recovery mechanism” increase goes into effect in January 2021, those same customers will see an additional bump of about 63 cents, or 0.8%. Koeppel says that until the MPSC orders DTE to do solar projects that benefit low-income people and the community and not their stakeholders, they likely won’t unless they’re “legally required to do so.”. DTE gets a rate increase, along with more accountability 4 min read. Detroit Free Press Voter Guide: See who's on your ballot, 600,000 customers following strong thunderstorms, Your California Privacy Rights / Privacy Policy.

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